About two years ago or more, the housing market in the United States crashed. It was all routed to the bad loans and mortgages banks issued. A house worth $500k 2-4 years ago is not worth $300k today. If that were your house, you'd be paying $200k over the current price of the house.
Here are some quick tips to make sure you are doing the right things towards a possible loan modification:
1) Have an attorney look at your mortgage contract to look for any Truth in Lending Violations Act violations, also known as RESPA. This is used in case there was any fraud involved in the loan.
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2) If there is a violation, let the attorney take care of your home loan modification. If not, you should contact your lender and explain to them your situation.
3) Gather all your finances and documents showing you can pay the life of the loan including income, etc.
4) You can always ask the lender for a forbearance, which is a special agreement between the lender and the borrower to delay a foreclosure.
5) If you have an adjustable rate mortgage, the lenders usually also do request a complete financial history from income to expenses.
6) A great place to get your questions answered for tips and experience from many people in the same situation is user forums such as safeloan.org.
From experience, home loan modifications is not an easy process to get to go through. It can be a long process and longer if you don't know what you're doing. If some where along the way you feel overwhelmed or not comfortable, let a professional handle your case. At the same time, it's something that can be done without any help from an attorney if you can be dedicated to it.
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